Investing in boarding house?

[Handie Kunen]

I have recently come across this opportunity of an 11 unit property which was converted from a hotel. Some of the units are rooms with shared amenities, so essentially it’s like a boarding house. The area is decent but I am still concerned about the type of tenants it attracts. I was told that the tenant base may not be as “transient” as people usually think. As a matter of fact, there can be long term leases with elderly tenants. The numbers look great on paper. Can anybody share their experience investing in such type of properties?